What is this Special Assessment that I see on my bill?

By far the most common question that comes up each year is what is the special assessment charge on your Association dues bill. For most of you, it is a $26.18 fee listed under "Special Assessment." I say most, because many of you have decided to pay the entire amount in full and simply be done with it. But for those of you who haven’t paid off the entire amount, let me fill you in on why it is there.

In 1997 Spirit Lake East was offered a low interest (4%) disaster relief loan in the amount of $108,000 from the U.S. Small Business Administration. This money was to be used solely to upgrade our roads from the harsh 1996-7 winter. In November of 1997 a special meeting was called and the full membership voted to accept the loan. Each homeowner’s share, over the course of 30 years, was to be $26.18/year. This is allowed under Article II, Section 4 Paragraph D of the Spirit Lake East CC&R's.

Many of you have decided to pay your entire special assessment early. Early payments are applied directly to the principal, reducing the amount of interest owed by the community on the loan. You may still opt to pay your loan off early, or pay a larger amount than the $26.18 minimum. Please keep in mind you do NOT have to pay more than the annual $26.18 on the loan unless you if should decide to do so. If you need individual payoff information, please contact the treasurer.

The monies from this loan have been used to add much needed stone to our roadways, as well as installation of drywells, culverts, and other road improvement projects. The final SBA expenditures can be viewed on this site. More information about roadway improvement can be obtained from Road Committee Chairman, or write to SLEHA Attn: Road Committee Chair PO Box 217 Spirit Lake, ID 83869, or e-mail at roads@spiritlakeeast.org